2025-11-14 14:07

WASHINGTON, Nov 14 (Reuters) - U.S. Trade Representative Jamieson Greer said on Friday that the President Donald Trump was ready to follow through with pledges to grant tariff exemptions on some food and other products that are not produced in the U.S. Greer told CNBC in a live interview that there were some "micro-areas" of trade in products not produced in the U.S., such as coffee, cocoa and bananas, where the U.S. does not need tariffs. He said the timing was right for this after making trade deals with four Latin American countries on Thursday. Sign up here. "And so the President's determined, now that we have this in place, we have these deals in hand, it's time to take off some of these tariffs on products. Products we don't make here." https://www.reuters.com/business/us-trade-chief-says-trump-now-ready-issue-tariff-exemptions-some-food-products-2025-11-14/

2025-11-14 13:51

WASHINGTON/TAIPEI, Nov 14 (Reuters) - The U.S. Treasury and Taiwan's central bank on Friday said they agreed to continue close consultations on macroeconomic and foreign exchange rate matters and both pledged to avoid manipulating the value of their currencies to gain a competitive advantage. In a joint statement issued by the U.S. Treasury, they said that there were cases where intervention in foreign exchange markets could be considered. Sign up here. But this "should be reserved for combating excess volatility and disorderly movements in exchange rates, with the expectation that this tool would be considered equally appropriate for addressing excessively volatile or disorderly depreciation or appreciation." The Treasury had kept Taiwan on its "monitoring list" for extra foreign exchange rate scrutiny as part of its latest semi-annual currency report, which found in June that no major trading partner was manipulating its currency for a trade advantage. Taiwan's central bank issued a separate statement in which it reiterated that the U.S. Treasury did not ask for the Taiwan dollar to appreciate. In May, a surge in the Taiwan dollar's value to a two-year high against the greenback had prompted speculation that this was because of a demand by Washington for an appreciation, which Taiwan's president denied. "During the consultations, the U.S. Treasury Department never requested an appreciation of the Taiwan dollar," Taiwan's central bank said in the statement on Friday. "Moving forward, the bank and the U.S. Treasury Department will continue to exchange views on macroeconomic and exchange rate policies based on our positive working relationship." Taiwan's central bank said it committed that starting in 2026, it would move to quarterly disclosures of its currency interventions from its current semi-annual disclosure rate. The bank said that the statement was unrelated to joint Taiwan-US tariff negotiations as it is not a member of a cabinet-level Taiwan-U.S. Economic and Trade Working Group. https://www.reuters.com/business/finance/us-treasury-taiwan-reaffirm-pledges-against-currency-manipulation-2025-11-14/

2025-11-14 12:49

Enbridge plans to expand Mainline and Flanagan South pipelines by 250,000 bpd Canadian oil production reached 5.1 million bpd last year, with further growth expected Alberta exploring new pipeline to BC coast for Asian market access; no private sector commitment Nov 14 (Reuters) - Canadian pipeline operator Enbridge (ENB.TO) , opens new tab on Friday approved $1.4 billion in expansion projects for its Mainline and Flanagan South pipelines to the U.S., which it stressed is the most logical destination for new crude export capacity out of Canada. The projects will add a combined 250,000 barrels per day of capacity for Canadian heavy oil shippers moving oil to the U.S. Midwest and Gulf Coast. The additional capacity is expected to come online in 2027. Sign up here. Calgary-based Enbridge also announced last week its plans early next year to formally gauge commercial interest in a second phase of expansion on its Mainline network, which could add another 250,000 bpd of capacity. Although the government of Canada, which sends 90% of its oil exports to the U.S., is trying to diversify away from that market due to unpredictable trade policies under President Donald Trump, Enbridge Executive Vice-President Colin Gruending told reporters that U.S. expansion makes the most sense. "That's where we've got the world's biggest refining complex and who wants more of our Canadian oil," he said. "The opportunity set is pretty strong (to the) south, and there are all kinds of geopolitical reasons to do that and strengthen ties there." Canadian oil production hit a record 5.1 million bpd last year and Enbridge is forecasting it will see 500,000 to 600,000 bpd of supply growth by the end of the decade. The country's main oil-producing province of Alberta is working to explore the feasibility of a new crude pipeline to British Columbia's northwest coast, in order to increase Canadian oil exports to Asia. While Enbridge is supporting Alberta's work with advice and technical support, neither it nor any other private company has committed to building a new pipeline to Canada's west coast. The Trans Mountain pipeline, which is owned by the Canadian government and is currently the only option to ship Canadian oil directly to Asian markets, tripled its capacity last year with a C$34 billion ($24.2 billion) expansion. Trans Mountain's operator is exploring a series of incremental expansion projects, which could add 200,000 to 300,000 bpd by 2029. Those projects, combined with Enbridge's planned expansions to the U.S., should provide enough capacity growth to account for forecast Canadian supply increases through the end of the decade, Gruending said. If the Canadian government scraps some regulatory and policy hurdles that have inhibited the sector's growth in recent years, Gruending said, supply could grow more than forecast. But in that case, he said, Enbridge has the ability to take on additional Mainline expansions which would take priority over a new pipeline to the country's west coast. "Our view at this time is south first, then west," he said. Enbridge's Mainline pipeline shipped a record 3.1 million bpd on average in the third quarter. ($1 = 1.4024 Canadian dollars) https://www.reuters.com/business/energy/enbridge-approves-14-billion-project-boost-canadian-oil-flows-us-refiners-2025-11-14/

2025-11-14 12:39

FTSE 100, FTSE 250 down over 1%, set for weekly decline Gilt yields rise on Reeves' income tax U-turn ahead of budget Nov 14 (Reuters) - London stocks tumbled on Friday, heading toward weekly losses, as gilt yields surged following reports that the UK government had abandoned plans for income tax hikes in the upcoming budget. The blue-chip index FTSE 100 (.FTSE) , opens new tab fell 1.9% as of 12:13 GMT, on pace to log its steepest one-day decline since April 9, when global markets reeled from U.S. President Donald Trump's tariff announcements. Sign up here. The domestically focused FTSE 250 (.FTMC) , opens new tab dropped 1.7%, heading for its worst single-day performance since late September. According to reports, British Finance Minister Rachel Reeves has abandoned plans to raise income tax in this month's budget, a decision that has severely undermined investor confidence in the government's ability to meet fiscal targets. This uncertainty propelled gilt yields higher. The market turmoil extended across asset classes, with the sterling weakening by nearly a quarter of a percent while stocks experienced a sharp, widespread decline. Heavyweight banking stocks (.FTNMX301010) , opens new tab led the losses with a 3.3% drop. Precious metal miners (.FTNMX551030) , opens new tab tumbled 4.4% as gold prices fell. Market sentiment globally turned negative after hawkish comments from U.S. Federal Reserve officials on Thursday clouded prospects for a December rate cut, while uncertainity around U.S. economic data and concerns about an AI bubble added to investor anxiety. In the UK, the aerospace and defence sector (.FTNMX502010) , opens new tab fell 2.6% with engineering firm Rolls-Royce (RR.L) , opens new tab declining over 2% for the second straight session. Melrose Industries (MRON.L) , opens new tab edged 2.6% lower, after the GKN Aerospace owner maintained its full-year guidance. The investment banks & brokerages sector (.FTNMX302020) , opens new tab dropped 2.6% and was set for an 11% fall this week, the most among all sectors. Commercial property firm Land Securities (LAND.L) , opens new tab reported a drop in property valuations in the first half of its fiscal year, sending its shares down 5.4%. In a rare bright spot, shares of hospitality company PPHE Hotel Group (PPH.L) , opens new tab surged 13.5% following news that key investors were considering a stake sale. The energy sector (.FTNMX601010) , opens new tab experienced the smallest losses as oil climbed after a Ukrainian attack halted exports at a Russian port. https://www.reuters.com/world/uk/uk-stocks-fall-gilt-yields-surge-reports-reeves-tax-plan-reversal-2025-11-14/

2025-11-14 12:35

NEW DELHI, Nov 14 (Reuters) - Indian state refiners have awarded their first joint, long-term tenders to Chevron (CVX.N) , opens new tab, Phillips 66 (PSX.N) , opens new tab and TotalEnergies Trading SA to import U.S. liquefied petroleum gas in 2026, two trade sources with knowledge of the matter said. India plans to raise energy imports from the U.S. to cut its trade surplus with Washington, a key irritant for President Donald Trump, who has imposed a 50% import levy on Indian goods. Sign up here. The three state refiners were jointly seeking delivery of about 48 very-large gas carriers, or about 2 million metric tons, of LPG in 2026. LPG is a mix of propane and butane used as cooking fuel and is mainly imported by state retailers Indian Oil Corp (IOC.NS) , opens new tab, Bharat Petroleum Corp (BPCL.NS) , opens new tab and Hindustan Petroleum Corp (HPCL.NS) , opens new tab, and sold at a subsidised price to households. The tenders also allowed winners the option to supply LPG of any origin for one of every four cargoes awarded, the sources said. The details on the number of cargoes awarded to the three entities and pricing were not immediately available. The three Indian companies, Chevron, Phillips 66 and Totsa did not immediately respond to emails seeking comment. India plans to source about 10% of its cooking gas imports from the U.S. beginning in 2026, Reuters reported in July. This year, India has bought some cargoes of U.S. LPG, taking advantage of an arbitrage window as China, locked in a tariff war with Washington, slowed purchases. In April, Reuters reported that India planned to scrap import tax on some U.S. products, including LPG, as part of a broader trade deal. Higher imports of U.S. LPG will cut India's reliance on its traditional Middle Eastern suppliers. In 2024, the South Asian nation imported about 65% of its LPG consumption of 31 million tons, according to government data. The refiners imported about 90% of their 20.4 million tons under term deals with countries including the UAE, Qatar, Kuwait, and Saudi Arabia. Key Middle East producer Saudi Aramco has already cut the official selling price for propane and butane to at least a two-year low after India announced plans to diversify its LPG imports. https://www.reuters.com/business/energy/chevron-phillips-66-total-win-indias-first-tender-buy-us-lpg-sources-say-2025-11-14/

2025-11-14 12:35

LONDON, Nov 14 (Reuters) - Jaguar Land Rover said on Friday its manufacturing operations had returned to normal after a cyberattack forced a six-week halt at its UK plants, disrupting supply chains and costing the carmaker hundreds of millions of pounds. The British luxury carmaker, owned by India's Tata Motors (TATM.NS) , opens new tab, resumed production in October after a phased restart, following the shutdown of systems in early September to contain the incident. Sign up here. Below are the key facts about the incident and its impacts: ($1 = 0.7451 pounds) https://www.reuters.com/business/retail-consumer/jaguar-land-rovers-uk-production-returns-normal-after-weeks-long-cyber-shutdown-2025-11-14/